Danske Bank warns of more layoffs after profit beats estimates – Reuters

COPENHAGEN (Reuters) – Danske Bank’s (DANSKE.CO) falling second-quarter net profit beat expectations on Friday, but it warned of further layoffs under a four-year plan to cut costs and step up the fight against financial crime. FILE PHOTO: Danske bank signs are seen on a bank’s headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-PedersenThe Nordic…

Danske Bank warns of more layoffs after profit beats estimates – Reuters

COPENHAGEN (Reuters) – Danske Bank’s (DANSKE.CO) falling second-quarter net profit beat expectations on Friday, but it warned of further layoffs under a four-year plan to cut costs and step up the fight against financial crime. FILE PHOTO: Danske bank signs are seen on a bank’s headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-PedersenThe Nordic lender is still struggling to recover from a 2017 money-laundering scandal in its Estonian business, which has led to thousands of clients jumping ship and put the bank under investigation by authorities in several countries. “To ensure adequate progress, we will take additional cost-reduction measures, which unfortunately will have to include further staff reductions,” Chief Executive Chris Vogelzang said, without specifying how many layoffs there would be. Late last year, Danske pledged to get costs and compliance under control by 2023. Voge
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